The demise of Taylor, Bean & Whitaker, as well as
Colonial Bank, continues to spawn guilty pleas. This time Raymond Bowman, the
former president of Taylor Bean, pleaded guilty to charges of conspiring to
commit bank, wire and securities fraud and of lying to federal agents about his
role in the...

The Taylor, Bean & Whitaker investigation spawned
guilty plea number five on Friday. Paul Allen, the former CEO of the collapsed
firm, pleaded guilty to conspiracy to commit bank and wire fraud and making
false statements. U.S. v. Allen (E.D. Va.). The SEC has also brought
cases based on the...

The SEC brought another significant market crisis case,
this time against the senior officers of a failed financial institution. The
complaint centers on repeated efforts by the CEO, COO and manager of credit
risk to conceal the rapidly devolving financial condition of the institution
from the auditors...

Zahid and Riffat Ali, who have been wanted by federal authorities on bank fraud charges since 1996, are fugitives no longer. They surrendered to agents of the FBI at San Francisco International Airport after their flight from Pakistan arrived, and they now have pleaded guilty in federal court in San...

Most federal prosecutors who move to private law firms use their government experience in financial fraud cases such as white collar crime, securities fraud, bank fraud, and money laundering to become defense lawyers. Matthew S. Axelrod, one of the highest-ranking career officials in the U.S. Department...

As the Financial Fraud Law Blog continues its countdown of the Top 10 in Financial Fraud Law for the year, we are going to begin with a clue: Bryan Cave.
Give up?
The clue is relevant to our Top 10 list because the international law firm has just named its next global chair: Therese D. Pritchard...

When we here at the Financial Fraud Law Blog think about financial fraud law, it does not take long before we think about the U.S. Attorney for the Southern District of New York, Preet Bharara. In a little over four years as U.S. Attorney – following his unanimous confirmation by the Senate –...

Aubrey Lee Price, a former director of Montgomery Bank & Trust (“MB&T”) in Ailey, Georgia, is not dead after all.
Well more than a year ago, Price sent acquaintances a suicide note stating that he planned to kill himself by throwing himself off a high speed ferry boat in Florida...

Two former Japanese Yen derivatives traders at Rabobank and the trader responsible for setting Rabobank’s Yen London InterBank Offered Rate (LIBOR) have been charged as part of the Justice Department’s ongoing criminal investigation into the alleged manipulation of LIBOR.
And, once again...

William Leckey has been sentenced to 29 months of imprisonment, followed by three years of supervised release, for engaging in a fraud scheme that victimized financial institutions of more than $1.7 million. He previously had pleaded guilty to one count of bank fraud.
Prosecutors said that he engaged...

First, he committed a multi-million dollar fraud involving the telemarketing of coins. Then, he was sentenced to 15 years in prison for that financial fraud.
Now, he has been convicted of conspiring to murder the Assistant U.S. Attorney who prosecuted him, and the U.S. District Court Judge who sentenced...

The former chief executive officer of Taupa Lithuanian Credit Union has been charged with engaging in a conspiracy that defrauded the credit union out of $15 million, some of which he used to build a home, obtain a luxury suite at Cleveland Browns games, and buy multiple vehicles and firearms.
The...

Aleksandr Andreevich Panin, a Russian national also known as “Gribodemon” and “Harderman,” has pleaded guilty to conspiracy to commit wire and bank fraud for his role as the primary developer and distributor of the malicious software known as “SpyEye,” which, according...

The wave of financial fraud prosecutors joining private law firms is continuing – in fact, it appears to be accelerating.
Consider that, in just the past couple of days,
David Meister, who ran the enforcement unit at the Commodity Futures Trading Commission, joined Skadden, Arps, Slate...

Two decades ago, a group of enterprising criminals on multiple continents – led by a young computer programmer in St. Petersburg, Russia – hacked into the electronic systems of a major U.S. bank and secretly started stealing money. No mask, no note, no gun – this was bank robbery for...

Brian D. Bailey, a former officer for the Wilmington Trust Corporation, has been charged in a 14 count indictment with nine counts of bank fraud and one count each of conspiracy to commit bank fraud, conspiracy to commit bank bribery, corruptly receiving a gift for procuring a loan, corruptly providing...

Christopher Brecciano, an attorney in Stamford, Connecticut, has pleaded guilty in Bridgeport federal court to conspiring to defraud financial institutions through an extensive mortgage fraud scheme that involved dozens of Connecticut properties.
According to court documents and statements made in...

The remaining name partner in the once-storied law firm operated by convicted Ponzi schemer Scott Rothstein has reached a plea agreement with prosecutors . Stuart Rosenfeldt, 59, pleaded guilty in a Miami federal court to a single conspiracy charge that he committed bank fraud, violated a prostitute's...

The trend of selecting administrative proceedings rather than Federal court by the SEC appears to be continuing. Since last September, for example, the SEC has filed at least seven insider trading cases as administrative proceeds. Previously, the agency typically brought insider trading cases as civil...